In reply to Apratim.

Yes, transformations are common and acceptable. Normality in the Q-Q plot of residuals indicates that you can trust the inferences, such as standard errors for the estimates and confidence intervals for the parameters. Since these measures are connected to the p-values for the hypothesis "beta=0", they are related to the "significance of the estimates." Technically, there is no such thing a "more significance." I would say that the normality of the residuals makes me more willing to use the standard errors, CIs, and p-values. Without normality, I might want to use the bootstrap to find these quantities.